Uncertainty for market

IT’S unclear just how well the Australian share market will respond to the passing of a significant tax reform bill in the US Senate when trade resumes today.

CommSec chief economist Craig James says he expects the local market to start the week higher, with the benchmark S & P/ASX200 up by between 15 and 20 points, supported by rises in commodity prices such as oil and iron ore.

However it’s “a little bit uncertain” just how positively the market will respond to the US Senate’s support for a tax overhaul, he said, which took place on Saturday, Australian time.

“That will be the real question mark,” he said.